The SmartBCH network has done great since start, but there is lately a series of exit scams that plagued the market. It becomes a problem but I suggest not losing faith and not make the mistake to just quit.
DeFi started like that in Ethereum. Exit scams that were later named rug pulls as a clever way to express what happens when the devs are exit scamming.
A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds.
More info at coinmarketcap
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It is worse when this happens to be a DEX which is what Beach Swap was.
Many scams are affecting the market, but it is no different from the rest as Ethereum and the other smart contract blockchains suffer from the same scams.
What makes sense though, is the potential is still there. New smart contracts will keep coming and it is a duty of everyone to be suspicious. Bitcoin Cash also has many enemies that laugh with these scams, so we are all obliged to do better research.
Scams will always come and go, these are professional scammers since they created a website that wasn't an easy task.
It seems this scam attracted 1 million dollars in BCH and I hope the scammers are found and return the funds.
But we need to move on and not stop being attentive to the space. I hope that nobody lost too much, although, with the amount I am reading (1 million USD) probably some investors lost a lot.
As far as I know, there are 3 DEX that operate in the smartBCH network (Benswap, Mistswap, Muesliswap). All seem to have anon developers but is the purpose they have to scam us? Nobody knows. It seems from what I read these DEXs had some presales of their token and went as well as beachswap did.
But since they didn't run with this BCH all this time means they probably will not later. Unless they failed with their approach and are losing money. But, I think they are in profit and want to be part of the SmartBCH future.
The approach of exit scamming is also a crime and anyone lost enough money can ask for support by financial criminal authorities. Arrests have been made in many occassions, so are these devs so confident of their abilities and really think they won't be found?
It is my intention to keep investing and support SmartBCH. We should not feel let down from a few scams, we will be supporting those that deserve it and be more careful with how we approach this.
The devs behind the projects also matter. If we have some famous names of the industry developing something useful it means more than an anon dev that has no credentials. The ex Ethereum devs have all managed great out of Ethereum, having their name backing their projects. See Cardano and Polkadot.
In the NFT field we have seen one attempt that was coming from a well respected individual, Corbin Fraser from bitcoin.com, that created the Puffer NFTs. With the funds collected handed out to donations, this makes it an attempt worth mentioning. And the NFTs will find a big market when the NFT marketplaces will appear in SmartBCH.
I wrote previously about the development of one of them, but I didn't know about OASIS, this is a recent announcement that we expect with excitement.
What would make the NFTs on SmartBCH more interesting would be a way to tokenize art into NFT without many difficulties for the artist. Maybe an automated system that will help release the art into NFT and create collections.
It could be interesting to see an explosion of NFTs within Bitcoin Cash, in the way it happens with Polygon and Wax. Ethereum of course is prefered by some top artists, but I see no reason we shouldn't support a network that has a very low cost for the creation of smart contracts.
Lawpunks is also one NFT that became very popular, I've read how it sold 10000 in three weeks and watch their market rise lately. It is huge for a boost in the beginning and we should be praising and supporting these projects that create value in these beginning stages of SmartBCH.
Finally
I rarely have any complains to make, although one time I had to write about a certain issue that was a very big concern of mine, still this is being solved by read.cash so I am not going to write about it again.
I checked the Law Punks and loved it. These NFTs when organized and having small differences in rarity, they can grow a lot and become very popular.
I am happy to see many in the SmartBCH getting involved, it is a definite positive sign that boosts our confidence on the success of this network.
It really hurts to see things like this happen but that shouldn't take away the love and support we have for BCH and I hope those who fell victims recover quickly.